Online connectivity requires businesses to be managed 24/7 and many small business owners say it is more stressful than ever to run a business.
Entrepreneurs are spending an average of five hours a week of their personal time managing financial matters. Furthermore, 42% of business owners say finances are their biggest source of stress. One in five spend more than eight hours a week on the task. Unsurprisingly this stress is taking its toll, with one in six saying it has made them unwell.
Small Business Advice Week aims to help SMEs run more efficiently by providing tried and tested advice that works, to avoid business owners burning out. RateSetter Business Finance recently found how 44% of SMEs have never even requested a credit check on their business, showing how daunting it can be to seek finance advice.
Many businesses are losing money in small ways, adding up to large totals.
Research from EDF Energy shows that nearly 29% of business owners don’t know how much of their annual outgoings relate to energy bills, this could account for a huge loss. Other utilities such as Wi-Fi are just as crucial, and often overlooked.
Many small businesses assume they can’t afford to offer Wi-Fi to their customers, despite XLN finding that almost a third (29%) of customers would be more likely to visit high street shops if they had Wi-Fi access. This is just one-way technology can help businesses in a cost-effective way.